The Bank of England is willing to pay $240,000 for a digital pound wallet

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The Central Bank of the United Kingdom has announced a competition to create a wallet concept for the UK government digital currency.

The British regulator announced that the mainThe task set for the competition participants is to make the state digital currency convenient and efficient for banks and businesses. Goal: to make the Central Bank’s digital currency more in demand within the country and abroad.

The wallet must be supported on Android andiOS, the developer must present the wallet website, show what the personal account of the merchant participating in the transaction will look like, and the address of the operator’s internal server.

The Bank of England is ready to conclude a five-montha contract with the winner of the competition who will propose the best wallet concept for CBDC. The supervisory authority is ready to allocate 200,000 pounds sterling ($245 200) for testing.

The application process was launched immediately afteras Chancellor of the Exchequer Jeremy Hunt on Friday, December 10, introduced a package of 30 regulations that will regulate the UK financial services market, including the circulation of the digital pound sterling. These so-called “Edinburgh reforms” are aimed at accelerating the country's economic growth post-Brexit and stimulating innovation.

Last month, the Deputy Governor of the Bank of England said that the fallout from the collapse of the FTX exchange could prompt the regulator to accelerate the release of a digital pound.